Brown & Brown Sees 51% Earnings Increase in First Quarter

April 11, 2003

Datona Beach, Fla.-based broker Brown & Brown Inc. announced a new record for its earnings in the first quarter.

Net income per share for the quarter ended March 31, 2003 was 44 cents, an increase of 41.9 percent over the 31 cents in net income per share reported for the quarter ended March 31, 2002. Net income rose to $30.5 million for the first quarter of 2003, versus net income of $20.1 millionfor the quarter ended March 31, 2002, an increase of 51.5 percent.

Total revenue for the quarter ended March 31, 2003 was up 30.4%, to $144.7 million, compared with $111 million recorded in the corresponding quarter in 2002. The revenue increase was enhanced by an 83 percent increase in the contingent commissions earned in the first quarter of 2003 over the similar revenues earned in the corresponding quarter of 2002.

Brown & Brown, Inc. and its subsidiaries provide a broad range of insurance and reinsurance products and services, as well as risk management, employee benefit administration, and managed health care services through offices located across the United States.

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